Marriott International (NYSE:MAR) which has its headquarters in Bethesda, released its third quarter 2011 results ended September 9, 2011. While the hotel giant increased revenues the company swung to a reported net loss.
Marriott was able to increase its revenues for the third quarter 2011 to $2.87 Billion compared to $2.65 Billion in the same time last year.
Net income turned into a net loss of $179 Million or $-0.52 cents per basic and diluted share compared to a profit in the third quarter 2010 of $83 Million or $0.23 cents per basic share and $0.22 per diluted share.
The net loss was partly due to $324 Million pretax of impairment charges related to its timeshare segment.
Marriott is in the process of spinning off its timeshare business into a publicly traded company of its own.